大行評級|里昂:人行優化利率體系 內銀H股看好農行及建行
里昂發表報吿指,人行早前宣佈減息,當中1年期和5年期以上LPR下降10個基點,反映人行優化利率體系。該行預期人行會有更多的行動,例如在LPR和存款定價方面,以優化利率傳導。在美聯儲採取減息行動後,該行認為人行有更大的減息空間,可能導致銀行淨息差下滑。里昂認為較低的LPR將對下半年及明年淨息差構成挑戰。但長遠而言,更好的傳導意味着銀行資產收益率與負債成本更匹配,令銀行更有效地管理淨息差。
考慮到股息回報和全年盈利穩定性,H股看好農行和建行。
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